Lesser mortals in insurance

Some sector regulators think their industries should be regulated with a light touch, but Insurance Regulatory Authority (Irda) Chairman J Hari Narayan has strong views on the subject. On the sidelines of an event organised by the Confederation of Indian Industry in Hyderabad, a journalist told Narayan that insurers were not comfortable with Irda’s micromanagement. “What they don’t like, they call micromanagement,” the Irda chief retorted adding, “basically they suggest that we should have less and less regulation. But whether that less and less regulation leads to better and better performance remains to be seen. I am quite sceptical about that”.